06 Dec '16, 8am

Whoops. #Singapore estate agency #SQFT fined over sale of foreign property #propertynews

Artist’s impression of Albany Heights Villas, a residential project in Auckland, New Zealand. The Council for Estate Agencies’ (CEA) Disciplinary Committee has fined SQFT Global Properties Singapore $10,000 for failing to supervise the conduct of one of its former agents on the sale and marketing of a property in Auckland, New Zealand. The ex-agent, Paleenia Wong Mui Wah, was also fined $6,000 for misrepresenting to an investor that the NZ$65,000 price to be paid in relation to his purchase of a unit in Albany Heights Villas would be kept safe in a law practice’s trust account with ANZ bank for the construction of the said development. Wong assured the investor that the developer, Albany Heights Villa, would not be able to use the money in the trust account for other purposes. In June 2011, however, the developer took the money from the trust account without any constructi...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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